This multi-bagger stock hits 10% upper circuit after securing orders from Indian Railways
The stock rallied after the power electronics and railway transportation equipment maker bagged over Rs 200 crore orders from the Indian Railways.
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Shares of Hind Rectifiers were locked in a 10 per cent upper circuit in Tuesday's trade (February 27) on the BSE. The stock rallied after the power electronics and railway transportation equipment maker bagged over Rs 200 crore orders from the Indian Railways.
At around 10:34 a.m., shares of Hind Rectifiers traded 9.99 per cent or Rs 56.1, higher at Rs 617.45 apiece. The market capitalisation of the company at around the same time stood at Rs 1,057.32 crore.
On Monday, after market hours, Hind Rectifiers, through a regulatory filing, informed investors that the company had secured many supply orders from the Indian Railways.
In March last year, the company kicked off its commercial production at its manufacturing plant in Sinnar, Maharashtra. "The company built around 12,900 square metres area at the Sinnar plant. The benefits of these new production lines at Sinnar will start yielding from 2023–24 onwards," the company said in an exchange filing.
Hind Rectifiers' focus was on the expansion of this product range by developing new products in-house, and the development is in line with the company’s goal to generate additional revenue and expand margins.
How did Hind Rectifiers fare in Q3?
The company announced its Q3 results on February 8, wherein it reported a net profit of Rs 1.52 crore for the October-December period against a Rs 2.4 crore profit logged a year ago. The company's revenue from operations stood at Rs 136.63 crore for the third quarter, up from Rs 97.23 crore in the corresponding quarter of the previous fiscal.
The total income of the company for the quarter under review stood at Rs 136.71 crore, up from Rs 97.27 crore a year ago.
Hind Rectifiers share price: Past performance
In a year, shares of Hind Rectifiers have given multi-bagger returns of over 226 per cent against Nifty50's rise of over 27 per cent.
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